Belgian Sovereign
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan -
◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread
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◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well
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Issuer avoided picking a window to print a deal in May
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Debt agency expects to issue €13.5bn of popular one year state notes
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Top European borrowers bring competition in crowded market
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Cyprus upgraded to BBB as debt metrics improve
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Sovereigns take €7bn each while supranationals and agencies also keep euro buyers busy
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The pair raised €8.5bn combined despite the EU draining €12bn from the market the previous day
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The pair announced ESG deals as the EU finalises a well sought-after €12bn transaction
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The agency still rates Brussels higher than both Moody's and Fitch
